Shutterstock (NYSE:SSTK)‘s stock had its “hold” rating reissued by equities research analysts at SunTrust Banks in a research report issued on Monday, October 29th. They currently have a $48.00 price target on the business services provider’s stock. SunTrust Banks’ price target points to a potential upside of 29.59% from the stock’s previous close.
The analysts wrote, “We expect SSTK to report in line 3Q18 results on 10/30, as it continues to make progress in expanding its product offering, improving its backend capabilities and positioning itself as a single-stop platform for creative content. We believe the strategic shift from a stock image marketplace to a platform to design/ distribute digital content is finally starting to bear fruit. That said, intra-quarter data points suggest that the competitive intensity may be beginning to pick up, at a time when comps in the back half get tougher. We maintain a Hold as we find the stock currently fairly valued.””
Several other brokerages have also weighed in on SSTK. ValuEngine raised Shutterstock from a “hold” rating to a “buy” rating in a research report on Tuesday, October 2nd. Jefferies Financial Group reissued a “sell” rating and set a $44.00 price objective on shares of Shutterstock in a report on Thursday, August 2nd. Finally, Deutsche Bank increased their price objective on Shutterstock from $40.00 to $43.00 and gave the company a “hold” rating in a report on Wednesday, August 15th. Two research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $42.33.
Shares of NYSE SSTK traded down $0.06 during mid-day trading on Monday, hitting $37.04. 147,922 shares of the company traded hands, compared to its average volume of 370,979. The company has a market cap of $1.30 billion, a price-to-earnings ratio of 52.17, a P/E/G ratio of 1.95 and a beta of 1.54. Shutterstock has a 1 year low of $36.20 and a 1 year high of $55.76.
Shutterstock (NYSE:SSTK) last announced its quarterly earnings data on Tuesday, October 30th. The business services provider reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.01. The firm had revenue of $151.60 million during the quarter, compared to the consensus estimate of $157.88 million. Shutterstock had a return on equity of 8.76% and a net margin of 6.82%. The business’s revenue for the quarter was up 7.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.31 EPS. Research analysts anticipate that Shutterstock will post 0.87 earnings per share for the current fiscal year.
Hedge funds have recently made changes to their positions in the business. BlackRock Inc. lifted its position in shares of Shutterstock by 3.5% during the 3rd quarter. BlackRock Inc. now owns 2,698,751 shares of the business services provider’s stock worth $147,300,000 after buying an additional 90,573 shares during the period. Van Berkom & Associates Inc. raised its position in Shutterstock by 1.2% in the 3rd quarter. Van Berkom & Associates Inc. now owns 1,329,082 shares of the business services provider’s stock valued at $71,541,000 after purchasing an additional 15,750 shares during the last quarter. Bernzott Capital Advisors raised its position in Shutterstock by 8.4% in the 2nd quarter. Bernzott Capital Advisors now owns 725,455 shares of the business services provider’s stock valued at $34,430,000 after purchasing an additional 56,350 shares during the last quarter. Renaissance Technologies LLC raised its position in Shutterstock by 40.7% in the 3rd quarter. Renaissance Technologies LLC now owns 650,723 shares of the business services provider’s stock valued at $35,516,000 after purchasing an additional 188,223 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Shutterstock by 2.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 546,482 shares of the business services provider’s stock valued at $29,825,000 after purchasing an additional 15,210 shares during the last quarter. Institutional investors own 53.47% of the company’s stock.
Shutterstock Company Profile
Shutterstock, Inc provides content products and services in North America, Europe, and internationally. It offers digital imagery services, which include licensed photographs, vectors, illustrations, and video clips that customers use in their visual communications, such as Websites, digital and print marketing materials, corporate communications, books, publications, and video content; and commercial music services comprising music tracks and sound effects that are used to complement digital imagery.
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